South Korean prosecutors raided Upbit on suspicion of fraud

According to Reuters’ report today, Government prosecutors raided Upbit, South Korea’s largest cryptocurrency exchange on Thursday and Friday on suspicion of fraud. No details have been reported by local media. Neither Upbit nor the government investigation team of the Seoul Southern District public prosecutors’ office was available for interviews or comment.

Upbit is the fourth largest cryptocurrency exchange by trading volume, according to CoinMarketCap’s rankings of markets with fees.

Today Bitcoin fell 5.5 percent to $8,511, its lowest since April 20, according to CoinDesk’s bitcoin price index. The cryptocurrency traded near $8,563 as of 9:12 a.m. ET.